Why Is Butterfly Network (BFLY) Stock Up 22% Today?


  • Butterfly Network (BFLY) stock is climbing alongside an update from the Food and Drug Administration (FDA).
  • The FDA cleared the company’s artificial intelligence (AI) lung tool.
  • This tool provides quick ultrasounds of adult lungs.
BFLY Stock - Why Is Butterfly Network (BFLY) Stock Up 22% Today?

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Butterfly Network (NYSE:BFLY) stock is heading higher on Tuesday after the company’s lung tool was cleared by the Food and Drug Administration (FDA).

The big news here is the 510(k) clearance awarded to Butterfly Network by the FDA. This covers the company’s AI lung tool for evaluating adults with suspected diminished lung function. This is possible through its Auto B-line Counter.

The Auto B-line Counter from Butterfly Network is able to produce a B-line count after only collecting a 6-second ultrasound clip. That’s better than manual, subjective counting and could allow patients to choose treatment options immediately after getting an ultrasound.

Dr. Jonathan Rothberg, founder and Interim CEO of Butterfly Network, said the following about the news:

“Our AI-enabled Auto B-line Counter empowers providers to assess lung conditions faster and with more confidence – and in turn, will aid in earlier detection, diagnosis, and treatment of cardiovascular diseases, a leading cause of death globally, taking nearly 18 million lives each year.”

BFLY Stock Movement on Tuesday

Following this update from the company, BFLY stock is seeing incredibly heavy trading. This has more than 4 million shares of the stock changing hands as of this writing. To put that in perspective, the company’s daily average trading volume is closer to 1.8 million shares.

BFLY stock is up 21.9% during pre-market trading on Tuesday.

Investors can find more of the latest stock market news below!

We’ve got all of the hottest stock market news traders need to know about on Tuesday! Among that is what has shares of Multi Ways (NYSEMKT:MWG) stock up, the biggest pre-market stock movers this morning, and more. You can find all of that news at the following links!

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2023/04/why-is-butterfly-network-bfly-stock-up-22-today/.

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